Creditor Access With Trust Virginia Code §55-545.05 provides that “during the life time of the settlor, the property of a revocable trust is subject to claims of the settlors’ creditors.” Therefore there is no difference between a Last Will and Testament and a Revocable Trust. However, upon the incapacity of the settlor, the trust | may become irrevocable. At that point, the spendthrift provision may protect the settlor against creditors. See Virginia Code §55-545.05 (B). In addition, the assets titled under the revocable trust may be exempted from the augmented estate claim of a spouse if the revocable trust was created and funded before the marriage or if the spouse had consented to the transfer during the marriage. See Virginia Code §64.1-16.1. |